Eight Keys for Success: The Power of Negotiation

Episode Transcript

Speaker 1 (00:00):
Get is six fourteen. Good morning. I hope it is
for you on this Thanksgiving week. As we are continuing
with my annual pre Thanksgiving tradition of my eight keys
for success, we are up to the power of negotiation.
This one, I think is pretty fun because it's another
real easy, digestible concept with a really powerful outcome attached

(00:26):
to it. So negotiation where there's an opportunity to do
so is important and extremely valuable. First, a question for you.
If you attempted to negotiate better terms on a purchase
or a financial product, what do you think your odds
are of having success? Okay, one more time. If you

(00:49):
attempt it to negotiate better terms on a purchase or
financial product, how often do you think you'll have success
if you ask for better terms? Condition get this over
eighty percent of the time. Over eighty percent of the
time that you negotiate, you will get better terms. That

(01:12):
applies to your credit cards, your salary, a car, you
name it. But here's the thing. Sixty percent of adults
never attempt to negotiate better terms when there's an opportunity
to do so. Sixty percent don't do something that will

(01:34):
benefit them over eighty percent of the time they try it.
It's another little application that can have a big impact.
And what's the financial impact of not negotiating? Get this?
The average difference for those who negotiate compared to those
who don't amounts to more than twenty four hundred dollars
a year. Not a mistake. Want the equivalent of a

(01:57):
twenty four hundred dollars raise annually. Don't forget to negotiate.
Need any additional motivation to begin building your negotiation skills?
Get this, The opportunity cost of not negotiating anything over
the course of your life is now greater than three
million dollars. You're going to say, that's nuts, Your nuts

(02:21):
right now. I don't negotiate and it's going to cost
me three million dollars. If you take a look at
a lifetime worth of expenditures for the average person, that
twenty four hundred dollars that we're talking about here, you
adjust for inflation, which, by the way, I have here.

(02:43):
If you were to take that money that you would
say by negotiating and invest it in the S and
P five hundred at an average annual rate of ten percent,
we're talking about opportunity costs. Of over three million dollars
during the average person's lifetime. Something else, isn't it. That's
the power of negotiation.